Renovating your home in Toronto?
Realtors are often asked what value certain renovations add to a home. I have seen tables of 'returns on investment' values, posted on various websites, and printed in newspapers. There is a page available on the website belonging to the Style at Home Magazine, with an article related to the issue of renovating to sell, and a table showing the probable return on the sum invested in renovating their home.
It is all very good and helpful, but, unless you are renovating for yourself, I don't see much sense in undertaking major renovations just for the sake of selling your home. The highest returns that I have ever seen in such tables were between 75% and 100% of the money spent for renovating bathrooms and kitchens. If the numbers shown in these tables are reliable, then the renovators would be long out of business. One should, however, always consider the location (making sure not to over-improve in relation to the neighbouring property standards) and pay attention to the changing demographics and most likely tastes of the majority of prospective buyers. I usually suggest small, fairly inexpensive and neutral in style improvements, when asked for advice before listing the house for sale. Well planned renovations usually not only greatly reduce the time on the market, but also bring competing bids and a better price in the end.
There are many books dealing with home interiors and renovating trends, and there is plentiful information available on the Internet.
When planning a renovation, be sure to visit Toronto's on-line home improvement directory, at www.homestars.com, where you can check the ratings of various renovation-related professionals and supliers.